PIA Press ReleaseSaturday, January 14, 2012

Pag-IBIG housing loan restructuring and penalty condonation program now ongoing

TACLOBAN CITY, Leyte, January 14 (PIA) -- The housing loan restructuring and penalty condonation program is now available to all housing loan borrowers with over three months in arrears in amortization payments.

The good news was disclosed by Pag-Ibig Fund Tacloban information officer Kevin Siosana during the Harampang Ha PIA media interaction held at the PIA Regional Office on January 13.

Siosana said affected borrowers should immediately apply for the penalty condonation program starting this month of January because the penalty condonation program is only up to June 30, 2012. Application filed after the deadline will only be for loan restructuring, he said.

The condonation for housing loan borrowers is a way of providing delinquent borrowers an opportunity to make good in their housing loan obligations, Siosana said.

The program, which implements R.A 9507 or the Socialized and Low-Cost Housing Loan Restructuring Act of 2008, aims to assist delinquent borrowers in preserving their properties from foreclosure or cancellation of contract to sell by providing them the opportunity to update or restructure their accounts under affordable terms.

“I hope that the concerned housing loan borrowers will take this last and final opportunity to save their property from foreclosure or cancellation,” Siosana said, as he advised the housing loan borrowers who wish to avail of this to visit their office.

In a statement Vice President Jejomar Binay, who is also chair of the Board of Pag-IBIG, said he strongly encourage the concerned Pag-IBIG members to avail themselves of this final opportunity that Pag-IBIG is offering.

Binay said Pag-IBIG’s mandate is to assist Filipino workers in realizing their dreams of having their own homes.

Pag-IBIG's housing loan programs provide for the most convenient terms and conditions with interest as low as six percent per annum and payment terms as long as 30 years. (PIA 8)